“We are talking with a number of companies at this time about the presenting-sponsor.

“We are expecting to make an announcement in the next 30 days.”

Despite the loss of LG, Mr Wood said the Australian leg of the Association of Surfing Professionals (ASP) world tour would go ahead as planned early next year.

“We are so excited about the Quiksilver Pro 2010 at Snapper Rocks as we welcome an exciting new event site with a fresh bunch of supporting partners,” he said.

“It’s still all full steam ahead.”

Earlier this year Quiksilver agreed to a new sponsorship deal with the ASP for the event for nine years.

The deal, similar to Quiksilver’s previous nine-year contract worth $18 million, means the surf label will spend $2 million a year to run and promote the event which employs about 300 people – nearly all of whom are Gold Coast and Tweed locals.

Contest director Rod Brooks estimated the event brings in $10 million for the Gold Coast and Tweed economies each year.

Earlier this month, Surfing Queensland CEO Craig Harland said there had been serious thought about moving the event to Burleigh, but said its home would be Snapper Rocks.

Gold Coast City Council also confirmed then the event would go ahead next year at Snapper Rocks.